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1.
本文从企业生命周期视角研究管理者代理行为和管理者过度自信对企业非效率投资的动态影响。选取2012-2015年深沪主板上市公司数据进行实证检验,结果表明:随着企业生命周期的发展,管理者代理行为逐渐加强,管理者过度自信水平却逐渐减弱。管理者代理行为和过度自信共同导致企业非效率投资,成长期阶段的企业非效率投资主要受管理者过度自信的显著影响,管理者代理行为对企业非效率投资影响不显著;成熟期阶段的企业非效率投资既受管理者代理行为的显著影响,也受管理者过度自信的显著影响;衰退期阶段的企业非效率投资则主要受管理者代理行为的显著影响,管理者过度自信对企业非效率投资影响不显著。  相似文献   

2.
本文基于有限理性假设,以中国A股上市公司2009-2015年财务数据作为研究样本,研究管理者的三种非理性行为(管理者过度自信、管理者风险偏好和管理者从众行为)对企业非效率投资的共同影响。结果表明:管理者过度自信与管理者从众行为会导致上市公司非效率投资;过度自信和非过度自信管理者的从众行为均会加剧企业非效率投资,非过度自信管理者的从众行为对非效率投资的影响尤为严重;过度自信管理者的风险偏好与非效率投资显著正相关,而非过度自信管理者的风险偏好与非效率投资显著负相关,即非过度自信管理者适当的风险偏好行为在一定程度上会缓解企业非效率投资。因此,要想提高公司非效率投资管理应从管理者的心理素质培养入手,重点培养其避免从众心理,积极主动地根据自己企业的实际情况进行投资;对非过度自信的管理者还需要培养其适当的风险偏好。  相似文献   

3.
本文基于我国沪深A股上市公司数据,研究管理者能力对企业投资羊群行为的影响,并探讨管理者薪酬公平对二者关系的调节作用。研究发现,管理者异质性特征影响企业的决策及其资源配置,管理者能力对企业投资的羊群行为具有显著抑制作用,该作用还将随着管理者薪酬公平程度的提高而增强。本研究关注了企业管理者能力在企业投资行为中的作用及其得以发挥的条件。这为企业通过薪酬设计来最大限度发掘管理者能力提供理论依据;同时有助于政府主管部门掌握企业投资羊群行为的影响因素,科学合理地制定应对措施。  相似文献   

4.
肖虹  曲晓辉 《会计研究》2012,(2):42-49,96
本文基于中国上市公司与投资者的行为互动视角,对公司R&D投资行为的误定价迎合性进行研究检验。总体而言,本文研究结果支持了R&D投资迎合行为假说,发现在中国制度环境下R&D投资迎合行为的实施主体为民营终极控制上市公司。误定价影响R&D投资的传导路径与股权融资渠道密切相关,与股票市场外部治理压力下的理性迎合渠道不显著相关,不存在公司管理者为最大化股权薪酬利益而迎合投资者短视的R&D投资行为。此外,R&D投资迎合行为与盈余管理行为之间的关联性也主要是通过股权融资渠道而结合起来。  相似文献   

5.
基于行为金融学视角的证券投资策略分析   总被引:3,自引:0,他引:3  
证券投资行为的研究对投资者投资策略选择带来了有意义的建议:寻求并确定证券市场中投资者对新信息过度反应或反应不足的情形,这些情形都将导致证券的错误定价。由此,其投资理念就是在大多数投资者认识到这些错误之前投资于这些证券,随后当大多数投资者意识到这些错误并投资于这些证券时卖出这些证券获利。在美国证券市场上,许多职业投资组合管理者正在利用投资者行为偏差为中心的交易策略来发展共同基金。例如,目前  相似文献   

6.
本文从投资组合视角出发,在考虑投资组合权重的前提下,研究机构投资者持股对投资组合中不同企业盈余管理行为的影响。研究发现,机构投资者对投资组合中权重较高的企业发挥了积极监督效应,抑制了该类企业的盈余管理行为。对盈余管理类型细分后发现,机构投资者同时抑制了该类企业正向与负向盈余管理。现有文献主要关注机构投资者持股比例,忽视了投资组合的权重,得出的结论可能存在一定的偏差。  相似文献   

7.
朱丹  陈西 《会计师》2011,(6):20-21
<正>随着行为财务学的兴起,公司财务理论研究已经认识到投资者和管理者的非理性行为可能对公司财务决策产生影响。而在管理者非理性行为中,以过度自信最为引人注目。管理者过度自信是指管理者在进行决策时会因为高估自身能力和知识而产生偏差,从而导致管理者高估决策成功的可能性并低估与决策相关的风险。本文试图梳理和总结国内外有关管理者过度自信对投资、融资和股利决策影响的研究成果。  相似文献   

8.
本文以非金融类A股上市公司为研究样本,主要考察了管理者过度自信与企业过度投资之间的关系。研究发现,过度自信的管理者倾向于过度投资。本文还对过度自信管理者的过度投资行为对现金流的敏感性进行了分析,但其结果并不显著。  相似文献   

9.
目前,在投资者情绪对企业投资行为的研究中,尚未区分哪种类型企业的过度投资更容易受到投资者情绪的“恶化”,哪种类型企业的投资不足更容易被投资者情绪所“校正”,这为以后的研究提供了新的视角.  相似文献   

10.
本文叙述了企业投资项目决策中的财务分析的含义、步骤、基本原则等内容,并简要介绍了企业投资者、管理者、经营者在企业投资项目决策中应如何进行财务分析.  相似文献   

11.
夏冠军 《投资研究》2012,(3):139-149
本文基于中国上市公司经理激励契约安排的制度背景,把经理激励契约纳入投资者非理性分析框架,就投资者情绪与经理激励契约如何相互作用影响企业投资进行了理论分析,并进行了实证检验。结果发现,高管持股会诱发高管利用投机的股市进行过度投资,而与股价弱相关的货币薪酬没有这种作用,而且经理薪酬的这种作用因企业实际控制人性质不同而有所差异。本研究表明高管持股在企业投资决策中具有负面的公司治理效应。  相似文献   

12.
Recent studies have debated the impact of investor protection law on corporate behavior and value. I exploit the staggered passage of state securities fraud statutes (“blue sky laws”) in the United States to estimate the causal effects of investor protection law on firm financing decisions and investment activity. The statutes induce firms to increase dividends, issue equity, and grow in size. The laws also facilitate improvements in operating performance and market valuations. Overall, the evidence is strongly supportive of theoretical models that predict investor protection law has a significant impact on corporate policy and performance.  相似文献   

13.
投资者情绪、企业投资行为与资源配置效率   总被引:2,自引:0,他引:2  
基于中国资本市场的经验数据,文章实证研究了投资者情绪对企业投资行为影响的经济后果。结果发现,投资者情绪与企业过度投资显著正相关,而与投资不足呈显著的负相关关系;投资者情绪的冲击对企业当前和未来绩效的影响表现为"正向影响——负向影响——逐渐消退"的过程。这意味着,在中国资本市场中,投资者情绪对资源配置效率具有"恶化效应"与"校正效应"的两面性,而其"总体效应"表现为资源配置效率的降低。上述研究发现对于深入理解投资者情绪影响对企业投资行为所产生的经济后果具有重要意义,也有助于我们从微观企业的视角反思金融危机对实体经济的影响。  相似文献   

14.
Review of Quantitative Finance and Accounting - We examine the relationship between corporate investment and investor sentiment at the firm level with the predicted change in investor sentiment....  相似文献   

15.
We develop a model that predicts corporate investment level increases with investors’ optimism and that the relationship between investment level and executive compensation depends on investor sentiment and other parameters. The empirical test shows that optimism is significantly and positively related to the level of investment and that executive compensation is insignificantly related to the level of investment. The managerial share ownership is positively related to the level of investment, conditional on the degree of optimism. The empirical results suggest that executives make investment decisions that not only cater to investor sentiment but also reflect their own interest in the company.  相似文献   

16.
We investigate the real effects of decisions to undertake an initial public offering of stock in periods of favorable investor sentiment. Specifically, we examine potential effects of favorable investor sentiment on investment expenditures and how effects on investment affect firm operating performance and value as well as the likelihood of survival. We find that firms going public during periods of favorable sentiment, on average, spend substantially more on investments, especially acquisitions, than firms going public in other periods. The effect of favorable investor sentiment on investment is more pronounced for younger firms. We do not find, however, that the higher investment spending in the wake of favorable sentiment leads to worse operating or stock performance. Stock returns around acquisitions announcements are also positive for firms going public in favorable sentiment periods. The preponderance of our findings indicate that decisions to go public in favorable investor sentiment periods do not lead to corporate investment decisions that harm firm performance and value.  相似文献   

17.
It is well established that investment fundamentals, such as earnings and cash flows, can explain only a small proportion of the variation in stock returns. We find that investor recognition of a firm’s stock can explain relatively more of the variation in stock returns. Consistent with Merton’s (J Finance 42(3):483–510, 1987) theoretical analysis, we show that (i) contemporaneous stock returns are positively related to changes in investor recognition, (ii) future stock returns are negatively related to changes in investor recognition, (iii) the above relations are stronger for stocks with greater idiosyncratic risk and (iv) corporate investment and financing activities are both positively related to changes in investor recognition. Our research suggests that investors and managers who are concerned with firm valuation should consider investor recognition in addition to accounting information and related investment fundamentals.  相似文献   

18.
This study investigates retail investor responses to corporate engagement in corporate socio-political activism (CSA). Using manually collected evidence of companies' support for the Black Lives Matter (BLM) campaign, we find that speaking up in support of BLM attracts retail investor attention. However, it influences their investment decisions only if speaking up is backed up by a monetary donation to BLM-related causes on the same day. This effect is observed for companies that have black directors on their board and companies headquartered in Democrat-leaning states. There is no corresponding increase in firm value. Our results suggest that retail investor preferences for companies that engage in CSA are likely guided by moral sentiment.  相似文献   

19.
We examine the effect of a large dividend tax cut on corporate investment efficiency by exploiting the 2003 personal taxation reform in the U.S. as a quasi-natural experiment. Using a difference-in-differences approach based on the probability that a firm’s marginal investor was an individual investor, we show that the 2003 dividend tax cut significantly improved the investment efficiency of U.S. listed firms. However, we find no evidence that the dividend tax cut increased the level of investment of U.S. listed firms. Further, we show that the tax cut increased investment efficiency by mitigating agency problems associated with the excessive free cash flows of overinvesting firms and by relaxing the financial constraints of underinvesting firms.  相似文献   

20.
We examine the dynamics of bond correlation using a broad sample of US corporate bonds, and document that bond correlation varies heavily over time. We attribute this variation in bond correlation to variation in risk factor correlation reflecting time-varying flight-to-quality behavior of investors. We show that risk factor correlation increases when investor sentiment worsens, i.e., corporate bond investors exhibit stronger flight-to-quality when their sentiment is bad. Thus, bad investor sentiment leads to flight-to-quality behavior and, ultimately, high bond correlation. Very good sentiment, in contrast, can cause risk factor correlation and bond correlation to be negative.  相似文献   

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